A recent bilateral trade agreement between the US and Philippines has reduced tariffs on various goods, including fretted stringed instruments (HS Code: 9202.90). This has led to an increase in exports of guitars and ukuleles from the Philippines to the US.
October 15, 2023
Impact: Positive impact on trade with reduced tariffs expected to increase Philippine exports of fretted stringed instruments to the US by 15% in the next year.
Philippine Guitar Manufacturers Eye US Market Expansion
Several Philippine guitar manufacturers showcased their products at a US trade expo, aiming to capture a larger share of the American market for fretted stringed instruments, supported by favorable trade conditions.
September 20, 2023
Impact: Potential growth in trade volume as Philippine manufacturers establish stronger ties with US distributors, likely increasing export figures.
US Importers Report Surge in Filipino Ukulele Demand
US importers have noted a significant rise in consumer demand for ukuleles made in the Philippines, citing quality craftsmanship and competitive pricing as key factors.
August 5, 2023
Impact: Increased demand is expected to boost trade, with US imports of Philippine-made ukuleles projected to rise by 10% in the coming months.
Policy Updates
US-Philippines Tariff Reduction on Musical Instruments
The US and Philippines have agreed to lower tariffs on musical instruments, including fretted stringed instruments under HS Code 9202.90, from 5% to 2% as part of a broader trade enhancement initiative.
